How do I know if my vehicle is eligible as designated immediate expensing property? I bought a used car last year and used it mainly to do uber eats delivery.

It's my first time doing taxes as self-employed and I'm not sure if a used car could be claimed as DIEP.

461

Returning Member

May 1, 2023 11:02:20 AM

If a capital asset purchased in a previous year is traded in towards the price of a new property, the full gross purchase price is eligible for immediate expensing.

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How do I know if my vehicle is eligible as designated immediate expensing property? I bought a used car last year and used it mainly to do uber eats delivery.